View Comments

Oil producer Cooper Energy has posted a first-half profit of $4.9 million, up from a $4.1 million loss in the previous corresponding period.

However profit from continuing operations was down 41.3 per cent to $4.9 million because of lower production volumes, prices and reduced interest income.

The result was achieved on revenue of $23.4 million, down 9.4 per cent.

Managing director David Maxwell said the first half performance had the company well set for the business end of its year.

"Our production and drilling programs are heavily back-ended to the six months to June and the momentum has been building," he said.

"The current oil production forecasts indicate that oil production for the six months to June will exceed our first half total output by 35 per cent or more.

"Drilling activity has already picked up with wells underway or imminent in the Otway Basin, Cooper Basin and Tunisia."

Mr Maxwell said the company had completed the relocation of its head office from Perth to Adelaide and made key staff appointments to the management team.

Today the company also announced the appointment of John Conde as chairman replacing Laurie Shervington, who announced plans to step aside in December.

Mr Conde is a former chairman of Whitehaven Coal and still sits on the company's board. He is also a former non-executive director of BHP Billiton.

Cooper also announced today the appointment of Alison Evans as its new company secretary and legal counsel, replacing Ian Gregory.

Cooper shares were up 1.5 cents, or 2.86 per cent, to 54 cents at 9am.